Ellenbarrie Industrial Gases Ltd: India’s Coolest Monopoly You’ve Never Heard Of?

1. At a Glance

Ellenbarrie Industrial Gases has gone from -₹41 EPS to India’s only 100% Indian-owned multi-gas empire. But with a 97 P/E and zero dividends, is it bottling profits or just hyping helium?

2. Introduction with Hook

Imagine if Biryani, Bisleri, and Bharat Gas merged into one company that didn’t believe in giving dividends but loved oxygen. That’s Ellenbarrie — the quiet monarch of industrial and medical gases in India.

• FY25 Net Profit: ₹83 Cr (up 84%)
• FY25 Revenue: ₹312 Cr
• P/E: 96.8 | ROE: 17.8%
• Largest Indian-owned industrial gas player

The only gas here is not hot air — it’s nitrogen, argon, and CO₂… with valuation to match.

3. Business Model (WTF Do They Even Do?)

Ellenbarrie is in the business of gases. No jokes, literally.

What they supply:

• Industrial Gases: Oxygen, Nitrogen, Argon, Helium, Acetylene
• Medical Gases: O₂, N₂O
• Specialty Gases: Welding mixtures, dry ice, synthetic air
• Target Sectors: Steel, Healthcare, Defence, Energy, Construction

Delivery Format:

• Bulk (tankers)
• Packaged (cylinders)
• On-site solutions

In a world obsessed with SaaS, Ellenbarrie runs on GOaS — Gas on a Supply-chain.

4. Financials Overview